General Motors Outperforms Expectations Amid Strong Truck Demand, Updates EV Strategy

General Motors surpassed Wall Street's Q2 profit and revenue expectations, buoyed by strong demand for gas-powered trucks. The company raised its annual profit forecast and outlined updates to its EV strategy, including increased government support and a shift in its self-driving unit. GM's stock rose, outperforming rivals.

General Motors reported second-quarter profit and revenue on Tuesday that beat Wall Street's expectations. The company raised its annual profit forecast for a second time this year, driven by strong pricing and demand for gas-powered trucks.

CFO Paul Jacobson said the foundation is laid to meet ambitious EV ramp-up targets. GM shares rose 0.6% in premarket trading. The company increased its adjusted pre-tax profit projection for the year to $13 billion to $15 billion.

GM received $500 million from the U.S. government to convert a gas-engine plant to produce EVs but recently scaled back its EV production targets. The company's stock has increased 38% this year, outperforming rivals Ford and Stellantis.